Short term Elliott Wave view on Oil suggests wave (B) rally ended at 63.38 on September 17, 2019 high. The commodity has since turned lower within wave (C) which is unfolding as 5 waves impulse Elliott Wave structure. This view will get validation when it breaks below the previous low on August 7, 2019 low (50.52). Down from 63.38, wave 1 ended at 57.67 and the bounce to 59.54 ended wave 2. Oil then resumes lower in wave 3 which is extended and subdivides as an impulse in lesser degree.
Wave ((i)) of 3 ended at 58.01 and wave ((ii)) of 3 ended at 59.39. Wave ((iii)) of 3 ended at 53.05 and wave ((iv)) of 3 ended at 54.42. Near term, while bounce stays below 59.54, expect Oil to extend lower to continue the 5 waves move from September 17, 2019 high (63.38). We don’t like buying Oil and as far as pivot at 59.54 stays intact, expect any bounce to fail in 3, 7, or 11 swing.
Wave ((i)) of 3 ended at 58.01 and wave ((ii)) of 3 ended at 59.39. Wave ((iii)) of 3 ended at 53.05 and wave ((iv)) of 3 ended at 54.42. Near term, while bounce stays below 59.54, expect Oil to extend lower to continue the 5 waves move from September 17, 2019 high (63.38). We don’t like buying Oil and as far as pivot at 59.54 stays intact, expect any bounce to fail in 3, 7, or 11 swing.
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這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。